Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

The shareholders of the largest Indian car manufacturer by revenue Tata Motors Ltd rejected a pay proposal for three of the companys senior executives, including a compensation package for the companys late India chief Mr. Karl Slym. According to companys investors, Mr. Slyms family may have to give back most of the 152.5 million rupees (5.6 million dollars) that they have already received.

According to a statement by Ms. Minari Shah, a spokeswoman of the company, Tata Motors Ltd has already paid off the money, but did not receive the 75% approval rate from investors that was needed in order to compensate the late Managing Director Karl Slym with any larger sum than 4.8 million rupees.

The Director of Institutional Investor Advisory Services Mr. Amit Tandon said in a statement, cited by the Financial Times: “It’s not that Tata Motors was paying a large sum of money. These are all professionals – it’s not that they are owners that are taking money out of the company and putting it in their pocket.”

The company has been looking for its shareholders approval not to reclaim 31.95 million rupees from Ravindra Pisharod, the executive director of commercial vehicles. Tata Motors Ltd also has sought its investors consent for the payment of executive director of quality, Satish Borwankar, amounting to 24.6 million rupees as well as for 146.4 million rupees in compensation for legal heirs of Karl Slym during the financial year ended on March 31st.

The Vice President for equity research at Ashika Stock Broking Ltd Paras Bothra commented the rejection for Bloomberg: “This sort of shareholder rejection of executive compensation hasn’t happened at a large company. There is increased shareholder awareness these days.”

Tata Motors Ltd was 0.06% down to close at 469.45 Indian rupees per share today, but still marking a one-year increase of 60.28%. According to data published by the Financial Times, the 52 analysts offering 12-month price targets for Tata Motors Ltd have a median target of 481.00, with a high estimate of 575.00 and a low estimate of 334.00. The median estimate represents a 2.39% increase from the last price of 469.75.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Forex Market: USD/CAD daily trading forecastForex Market: USD/CAD daily trading forecast Yesterday’s trade saw USD/CAD within the range of 1.2505-1.2760. The pair closed at 1.2719, gaining 1.22% on a daily basis.At 9:01 GMT today USD/CAD was down 0.31% for the day to trade at 1.2677. The pair touched a daily low at 1.2658 at […]
  • Forex Market: GBP/USD trading outlook for September 1st 2016Forex Market: GBP/USD trading outlook for September 1st 2016 Yesterday’s trade (in GMT terms) saw GBP/USD within the range of 1.3065-1.3158. The pair closed at 1.3139, edging up 0.43% compared to Tuesdays close. It has been the 149th gain in the past 328 trading days. The daily high has been a level […]
  • Spot Silver retreats on easing Middle East fearsSpot Silver retreats on easing Middle East fears Spot Silver retreated more than 3% on Monday, as fears of a wider conflict in the Middle East eased, while trimming demand for safe haven assets.Iran has downplayed Israel's retaliatory drone strike against the Islamic state - a move […]
  • Euro Area manufacturing downturn continues in SeptemberEuro Area manufacturing downturn continues in September Euro Area's Manufacturing Purchasing Managers' Index (PMI) was confirmed at a reading of 43.4 in September, data by Markit Economics showed on Monday, slightly lower than August's level of 43.5.The figure pointed to a 15th straight […]
  • Forex Market: EUR/JPY daily outlookForex Market: EUR/JPY daily outlook During yesterday’s trading session EUR/JPY traded within the range of 141.32-142.60 and closed at 142.17.At 7:23 GMT today EUR/JPY was gaining 0.21% for the day to trade at 142.45. The pair touched a daily high at 142.46 at 7:22 […]
  • European stocks rose before Eurozone data, US retail salesEuropean stocks rose before Eurozone data, US retail sales European stocks advanced for a fourth day as investors weighed earnings results and awaited reports that may show rising economic sentiment and U.S. retail sales. U.S. index futures and Asian shares also increased.The Stoxx Europe 600 […]